LaSalle Investment Selling 60-Story Downtown High-Rise
Need any more signs that Streeterville multifamily has emerged as arguably the hottest downtown real estate sector? All you need to do is crane your necks and stare up at 448 E Ontario. That's the address of Axis Apartments & Lofts, which LaSalle Investment Management just put on the market.
LaSalle paid $188M for the 60-story, 615-unit building three years ago when it was a Class-B asset. LaSalle renovated the lobby, indoor pool, fitness center and rooftop deck, added new finishes to over 500 units and successfully repositioned the property to compete with new deliveries in the market. Axis was 93% occupied in Q4 2015 and has an additional 100k SF of office space, Crain's reports.
LaSalle should make a hefty ROI on the sale, once a buyer is identified. The announcement of Axis hitting the market comes as JP Morgan bought 850 N Lake Shore Dr for $140M. JP Morgan paid a record $707k/unit for the building. [Crain's]
